Bombay Metrics Supply Chain Ltd Management Discussions

Global Economy

A Year of Heightened Uncertainty

The global economy in 2024 remained stable but underwhelming, as growth stagnated amid the aftereffects of prior shocks. However, in early 2025, the landscape shifted dramatically with the introduction of sweeping tariff measures by the United States and retaliatory actions by trading partners. These developments culminated in near-universal US tariffs effective April 2, 2025, marking the highest effective global tariff rates seen in over a century.

This has injected significant volatility into global trade, capital flows, and policy-making, while economic activity remains shaped by a complex interplay of monetary policy, consumer behavior, regulatory developments, and technological transformation.

Global output is now projected to expand by 2.8% in 2025 and 3.0% in 2026—significantly below the historical average of 3.7% recorded between 2000 and 2019. Advanced economies are expected to grow at just 1.4% in 2025, with the United States slowing to 1.8%, largely due to trade disruptions and elevated policy uncertainty. The euro area is expected to grow at 0.8%, supported by improving domestic conditions but constrained by weaker external demand. Chinas growth is forecast at 4.6% in 2025, aided by fiscal support and delayed structural reforms, while India continues to maintain robust momentum, benefiting from supply chain diversification and domestic demand.

Global inflation is expected to moderate, reaching 4.3% in 2025 and 3.6% in 2026. However, household consumption patterns have adjusted in response to high living costs and tight monetary conditions, with spending shifting toward essentials over discretionary items. Financial market volatility has increased, with rising demand for safe-haven assets like gold and US Treasuries. Market sentiment remains cautious amid shifting capital flows, especially in light of diverging monetary policies and elevated geopolitical risks. Amidst these challenges, rapid advances in artificial intelligence (AI) are emerging as a long-term growth catalyst. AI is expected to boost global GDP by up to 14% (USD 15.7 trillion) by 2030, primarily through productivity gains, automation, and data- driven innovation. This transformation is gradually reshaping labor markets and creating new value chains.

Outlook

While risks remain elevated—particularly from trade disruptions, financial fragilities, and demographic headwinds—pockets of resilience are visible. Stabilizing inflation, tech-driven innovation, and selective fiscal interventions offer support. In this evolving global landscape, adaptability, coordination, and forward-looking reforms will be critical to sustaining growth and financial stability.

Indian Economy

India has continued to display remarkable economic resilience amid a volatile global backdrop. For FY 2024-25, Indias real GDP growth is estimated between 6.4% and 6.5%, making it one of the fastest-growing major economies globally. This growth, though moderating from earlier highs, is underpinned by strong domestic consumption, improved urban employment, robust rural demand, and sustained public investment. The economy has shown an ability to absorb external shocks while maintaining internal momentum through a combination of fiscal prudence, policy stability, and structural strength.

Private consumption in FY25 remained stable, supported by rising urban incomes and rural resilience. However, stress on real wages (which remained below pre-COVID levels) and tight credit conditions, including a slowdown in credit card and home loan origination, posed challenges. High interest rates and inflationary pressures led consumers to prioritize essential spending over discretionary items. That said, government measures such as waiving personal income tax (~Rs 1 lakh crore) are expected to revive demand, especially for consumer durables.

The Union Budget for FY26 continued the strong emphasis on capital expenditure, allocating TI1.21 lakh crore, focused on transport networks, urban development, and rural connectivity. Manufacturing exports—especially in high-value-added sectors like electronics, semiconductors, and pharmaceuticals—showed strength, further supported by initiatives like Make in India, PLI schemes, and favorable changes in customs duties aimed at bolstering local production.

Headline retail inflation eased to 4.6% in FY25, down from 5.4% in the previous year, largely due to a drop in food and fuel prices. However, food inflation remains a concern. The RBI revised its inflation projection to 4.8% for FY25 and 3.7% for FY26, reflecting continued disinflation trends. On the policy front, the RBI implemented a cumulative 125 bps rate cut since early 2025, bringing the repo rate down to 5.5%. These measures aim to reduce borrowing costs, boost credit flow, and support investment and consumption.

Outlook

Looking ahead, Indias real GDP growth is projected to range between 6.3% and 6.8% in FY26, driven by rural demand, infrastructure momentum, and a pickup in private investment. While risks remain from global trade disruptions and commodity volatility, Indias structural strengths—including a young workforce, strong service sector, and digital transformation—position it well for long-term resilience. Continued focus on productivity, export competitiveness, and manufacturing scale will be key to sustaining Indias march toward a $10 trillion economy.

Industry Overview:

Engineering Goods Industry and Exports

The Indian engineering industry continues to serve as a cornerstone of the nations economic framework, contributing significantly to manufacturing output, employment generation, and foreign exchange earnings. Closely linked to the infrastructure and industrial sectors, the engineering industry plays a vital role in enabling Indias broader development and export strategies. In FY 2024-25, engineering goods accounted for a strong 26.67% of the countrys total merchandise exports, reinforcing their status as a critical driver of external trade.

Indias engineering exports touched a new peak of USD 116.67 billion in FY 2024-25, surpassing the previous record of USD 112.10 billion set in FY 2021-22. This represents a 6.74% year-on-year growth, notably outperforming overall merchandise exports, which saw marginal growth of just 0.08%. This remarkable performance came despite a period of persistent global volatility marked by economic slowdowns in key markets, elevated logistics costs, and mounting trade policy uncertainty. Engineering exports experienced a minor monthly decline in March 2025 (down 3.92% YoY), yet the full-year trajectory remained robust-highlighting the sectors strength and adaptability.

The industrys performance is especially noteworthy considering the significant disruptions in global shipping caused by ongoing tensions in the Red Sea and the broader Middle East. Elevated maritime risk and instability around key shipping lanes raised freight costs, extended delivery timelines, and increased insurance premiums. These developments posed substantial challenges to exporters globally. Yet, Indias engineering exports continued to perform steadily, with only a marginal year-on-year decline of 0.82% in May 2025, totaling USD 9.89 billion, and maintaining a solid 25.5% share of total merchandise exports. This resilience underscores the sectors adaptability and growing strategic relevance in a complex global trade environment.

During FY 2024-25, 28 out of 34 engineering panels registered positive growth. Leading the pack were segments like Aircrafts and Spacecrafts, Ships and Boats, Cranes, and Construction Machinery. Meanwhile, some traditionally dominant panels-such as Iron and Steel and Copper-based products-faced headwinds due to weaker global demand and price pressures.

Region-wise, North America remained the top export destination, contributing 20.5% of Indias engineering exports, followed by the European Union (171%) and West Asia and North Africa (16.7%). Strong growth was also recorded in Latin America (up 20.1%), Other Europe (up 19%), and Northeast Asia (up 14.1%).

Country-wise, the United States retained its position as the top buyer, followed by the UAE and Saudi Arabia. Noteworthy export surges were seen in France (up 43.2%), Nepal (37%), and the UK (32.9%), indicating growing diversification and resilience in Indias global engineering trade portfolio.

The engineering sectors export performance closely mirrored Indias manufacturing momentum. With manufacturing accounting for 776% of the Index of Industrial Production (IIP), the tandem movement between export growth and manufacturing output across most of FY 2024-25 further highlights the sectors tight integration with domestic industrial growth. The uptick in Indias Manufacturing PMI-reaching 59.1 in March 2024-further reflects this synergy.

Indias engineering exports have been bolstered by sustained government support through initiatives like Make in India, Production Linked Incentives (PLI), and increased capital allocation in the Union Budget for FY 2025-26. These efforts have catalyzed private investment, accelerated domestic value addition, and enhanced technological capability across key sub-sectors. The sectors strong foundation is also built on continuous improvements in compliance, process automation, and global certifications, making Indian engineering goods increasingly competitive on the world stage.

Outlook

Looking ahead, Indias engineering exports are well-positioned for continued growth. The governments target of USD 200 billion in engineering exports by 2030 reflects the sectors long-term strategic importance. As global supply chains continue to recalibrate, Indias capabilities in design, manufacturing, and innovation-backed by policy reforms and a resilient industrial base-will remain central to its trade expansion and economic aspirations.

Supply Chain Industry

The global Supply Chain Management (SCM) industry is undergoing remarkable expansion, fueled by the rising need to enhance visibility, responsiveness, and efficiency across complex global networks. As of 2024, the SCM market was valued at approximately USD 30.4 billion, and it is projected to grow to USD 64.6 billion by 2031, driven by a robust CAGR of 10.9%. This trajectory is being shaped by the integration of technologies such as artificial intelligence (AI), the Internet of Things (IoT), blockchain, and advanced analytics—tools that are turning supply chains from linear networks into intelligent, connected ecosystems. Increasingly, companies are leveraging predictive analytics for demand forecasting, IoT-enabled tracking for real-time visibility, and blockchain for end-to-end traceability. Cloud-based SCM platforms are becoming the norm, with more than two-thirds of enterprises now adopting them to improve agility, accuracy, and coordination across the value chain.

However, this growth journey is not without disruption. The Red Sea crisis, which began in late 2023, created significant logistical and cost pressures on global shipping. Many operators were forced to reroute ships around Africas Cape of Good Hope, adding up to 10 extra days and thousands of nautical miles to voyages. The economic fallout was tangible: the Port of Eilat lost over 85% of its activity and eventually declared bankruptcy, while major shipping lines such as Maersk experienced a 15-20% capacity loss. In addition to such geopolitical disruptions, the sector faces a complex mix of challenges. Overcapacity in certain shipping segments has pushed freight rates down sharply, especially on Asia-U.S. routes, where rates have fallen by over 50% to both East and West Coasts in 2025. This has coincided with tariff uncertainties, which continue to unsettle trade flows.

At the same time, cybersecurity threats are intensifying as digital adoption deepens, and the costs of implementing advanced SCM systems remain a barrier for small and mid-sized enterprises. The interplay of these pressures demands adaptive strategies that go beyond traditional cost optimization, focusing instead on resilience and risk diversification.

Looking forward, the future of supply chain management will be defined by greater transparency, sustainability, and regional diversification. Companies are moving toward supply chain designs that are predictive rather than reactive, underpinned by AI-driven scenario planning, digital twins, and blockchain-enabled authentication. Sustainability, once a compliance-driven consideration, is becoming central to corporate strategy. Carbon tracking, circular supply chains, and green procurement practices are being woven into operational models, both to meet regulatory demands and to align with consumer and investor expectations.The geography of supply chains is also evolving. Nearshoring—bringing production closer to end markets—has gained momentum as firms look to mitigate geopolitical and logistical risks. This trend is increasingly complemented by powershoring, which involves situating production in regions with a combination of clean energy resources, political stability, and skilled labor availability.

Such approaches promise not only risk reduction but also alignment with the global push toward low-carbon manufacturing.

Outlook

In essence, the supply chain management industry stands at a pivotal juncture—poised for strong growth yet challenged by volatility and uncertainty. Those organizations that can marry digital innovation with strategic resilience, and sustainability with operational efficiency, will be best positioned to thrive in the evolving global trade environment.

Aluminium Industry in India

Indias aluminium sector continues to reflect its strategic industrial significance, supported by consistent growth in both production and consumption. In FY 2024-25, primary aluminium output increased to 4.22 million tonnes, up from 4.17 million tonnes in the previous fiscal. This upward trend has continued into FY 2025-26, with production reaching 707,000 tonnes during April-May, registering a 1.3% year-on- year growth. Domestic consumption stood at 2.65 million tonnes, underscoring rising demand from key end-user sectors such as infrastructure, automotive, construction, energy, and packaging.

India ranks as the second-largest aluminium producer globally, benefiting from abundant bauxite reserves, low- cost smelting operations, and progressive industrial policies. Government initiatives such as Make in India, Smart Cities Mission, and the National Infrastructure Pipeline have created a supportive ecosystem for aluminium manufacturers. Efforts to promote domestic manufacturing, electrification, and renewable energy have expanded aluminiums application footprint across emerging and legacy sectors.

Aluminiums inherent properties—lightweight, corrosion resistance, and recyclability—have made it a material of choice in electric vehicles, solar power infrastructure, smart grids, and modern construction. The transition to clean energy, combined with increasing emphasis on sustainability and energy efficiency, is catalyzing its substitution for heavier or less eco-friendly materials. Growing industrial activity and urbanisation are further reinforcing demand.

Global aluminium prices were volatile through FY 2024-25, influenced by sanctions, tariff shifts, and fluctuating demand. Prices ranged between USD 2,200 and USD 2,700 per tonne, with short-term peaks driven by supply concerns and trade policy shifts. Despite this turbulence, Indias aluminium market remained stable, anchored by domestic consumption and policy clarity. Indias aluminium sector is aligning itself with long-term net-zero targets by adopting green technologies, increasing recycling, and reducing dependence on carbon-intensive processes. The focus is also shifting toward value-added products that serve advanced applications in transport, defence, aerospace, and electronics, enhancing the sectors contribution to Indias export and innovation agenda.

Outlook

With projected 8-10% annual consumption growth, the aluminium industry is set for continued expansion. Policy tailwinds, rising demand from emerging sectors, and Indias increasing relevance in global supply chains position the country as a reliable and sustainable aluminium hub. As global economies transition toward greener materials, Indias aluminium sector is poised to play a defining role in shaping the future of industrial growth.

(Source: LME, PIB India)

By helping OEMs and Tier 1 customers unlock the cost, quality, and strategic advantages of global manufacturing, BMSCL has emerged as a trusted partner in managing end- to-end supply chain operations—from concept to delivery.

Key Developments

During the year under review, the Company continued to deliver strong operational and financial outcomes, recording approximately 17% year-over-year growth in revenue and a 29% increase in profit before tax. Over a three-year period, revenue and profit before tax expanded by 42% and 53% respectively, reflecting consistent execution, deepening customer engagement, and growing relevance in global supply chains.

This performance was underpinned by an expanding product portfolio and enhanced process maturity. As of March 2025, the Company had developed and received production approval for 365 engineered components, with deliveries reaching over 30 customer locations globally. In FY 2023 and FY 2024, the Company developed 54 and 51 new components respectively, showcasing its engineering strength and responsiveness to customer requirements.

To support its growth trajectory, the Company strengthened internal systems and processes. The Advanced Product Quality Planning (APQP) and Production Part Approval Process (PPAP) were further institutionalized, improving predictability, quality assurance, and project governance. Project management practices across engineering, sourcing, and quality were enhanced to reduce lead times and enable more agile cross-functional execution. The engineering function was restructured to include customer- and supplierfacing responsibilities and a tiered team structure, improving ownership and agility.

The Company maintained a high standard in service delivery, achieving an 86-88% on-time delivery rate, which placed it in the top 10% of India-based global suppliers. This was driven by supply chain process excellence, efficient warehouse operations, and effective team collaboration. Notably, the warehouse in Coimbatore became fully operational, and third-party logistics services were introduced in Bhiwandi to improve distribution efficiency. New sourcing hubs and suppliers in Tier II and Tier III towns were developed and upgraded to export-grade levels, in line with the Companys commitment to the Make in India mission.

The Company also made critical progress in strategic diversification. The Primary Metals Initiative enabled the import of essential metals like aluminum and special- grade copper to bridge shortages faced by OEMs and Indian suppliers. New business opportunities were tapped in electric vehicles, hospital equipment, and electricals, aligned with the Companys broader pivot towards future- ready sectors such as clean energy and EVs. Engineering and back-office capabilities in Pune and Ahmedabad were scaled up to support these initiatives. Additionally, customer demand from geographies outside China helped reaffirm Indias strategic position in global supply chains, thereby strengthening the relevance of the Companys India-based sourcing platform.

Key Challenges

Despite these achievements, the Company operated in a complex and volatile macroeconomic environment.

The global manufacturing landscape showed signs of deceleration. The US ISM Manufacturing PMI recorded its sharpest contraction since late 2023, reflecting reduced new orders, production, and employment. High interest rates and inflation in the United States continued to weigh on capital investments and discretionary sourcing decisions by OEMs. While a potential rate cut is anticipated later in 2025, global customer sentiment remained cautious, slowing new program ramp-ups.

Domestically, the general elections in India created labor supply challenges, particularly in key sourcing hubs such as Coimbatore, Kolhapur, Pune, and Rajkot. Absenteeism impacted operational throughput during Q1FY25, although normalcy returned by the end of June.

The Companys business model also presents inherent structural challenges. The typical product development lifecycle—from initial RFQ to final production approval— spans 18 to 36 months, necessitating upfront investment in engineering, tooling, and validation long before any revenue is realized. Moreover, post-approval deviations from expected volumes may impact the commercial viability of certain programs. The prevalence of single-source supply arrangements with customers places heightened responsibility on the Company to ensure delivery reliability, demanding continuous capacity planning and, where feasible, development of dual-source capabilities.

While RFQ activity remained healthy across end markets, geopolitical tensions, exchange rate fluctuations, and restrained capital expenditure among OEMs created delays in decision-making and program kick-offs. The Company also experienced limited but impactful team transitions during the year. These changes were strategically used as opportunities to realign roles and redesign responsibilities to better support long-term growth ambitions.

Financial Performance Standalone Financial Performance Revenue from Operations

The Companys revenue from operations on a standalone basis was Rs 9,973 lakh in FY 2024-25 from Rs 8,568 lakh in FY 2023-24, grew by 16%. The other income of Rs 125 lakh (T 53 lakh in FY 2023-24), Increase of 134%.

Financial Costs

Financial costs were Rs 11Rs Lakh in FY 2024-25 as compared to Rs 23 lakh in FY 2023-24.

Profit

Earnings Before Interest, Taxes, Depreciation and Amortisation excluding other income (EBITDA) for FY 202425 is marked at Rs 835 lakh compared to Rs 549 lakh in FY 2023- 24, a robust increase of 52%. During FY 2024-25, profit before tax (PBT) registered Rs 590 lakh (Rs 45Rs Lakh in FY 202324), increase of 29%. Profit after tax (PAT) outperformed by 28% to Rs 432 lakh in FY 2024-25 from Rs 339 lakh in FY 202324. Earnings per share (EPS) for the year was Rs 3.51 lakh in FY 2024- 25 as against Rs 5.50 in FY 2023-24.

Depreciation and Amortisation

Depreciation and amortisation for FY 2024-25 changed to Rs 129 lakh as compared to Rs 69 lakh in FY 2023-24.

Net Worth and Returns

As of March 31, 2025, the net worth of the shareholders was Rs 1,905 lakh compared to Rs 1,501 lakh the previous year.

Cash and Cash Equivalents

Cash and cash equivalents in FY 2024-25 stood at Rs 18 lakh at odds with Rs 62 lakh in FY 2023-24.

Trade Payables & Receivables

Trade Payable stood at Rs 2,190 Lakhs in FY 2024-25 up from Rs 2,618 Lakhs in FY 2023-24. Trade Receivable increased 37% to Rs 3,19Rs Lakhs FY 2024-25 from Rs 2,328 Lakhs in the previous year.

Borrowings

Long-term borrowings came down to Rs 22 Lakhs in FY 202425 from Rs 205 Lakhs in the previous year.

Consolidated Financial Performance Revenue from Operations

The Companys revenue from operations on a standalone basis was Rs 10,14Rs Lakh in FY 2024-25 from Rs 8,651 lakh in FY 2023-24, grew by 17%. The other income of Rs 125 lakh (Rs 54 lakh in FY 2023-24), Increase of 133%.

Financial Costs

Financial costs were Rs 11Rs Lakh in FY 2024-25 as compared to Rs 23 lakh in FY 2023-24.

Profit

Earnings Before Interest, Taxes, Depreciation and Amortisation excluding other income (EBITDA) for FY 202425 is marked at Rs 853 lakh compared to Rs 544 lakh in FY 2023-24, a robust increase of 57%. During FY 2024-25, profit before tax (PBT) registered Rs 608 lakh (Rs 452 lakh in FY 202324), increase of 34%. Profit after tax (PAT) outperformed by 35% to Rs 450 lakh in FY 2024-25 from Rs 335 lakh in FY 202324. Earnings per share (EPS) for the year was Rs 3.66 lakh in FY 2024-25 as against Rs 5.43 in FY 2023-24.

Depreciation and Amortisation

Depreciation and Amortisation for FY 2024-25 changed to Rs 129 lakh as compared to Rs 69 lakh in FY 2023-24.

Net Worth and Returns

As of March 31, 2025, the net worth of the shareholders was Rs 1,919 lakh compared to Rs 1,49Rs Lakh the previous year.

Cash and Cash Equivalents

Cash and cash equivalents in FY 2024-25 stood at Rs 41 lakh at odds with Rs 65 lakh in FY 2023-24

Details of significant changes (i.e. change of 25% or more as compared to the immediately previous financial year) in key financial ratios:

Analytical Ratio	FY 2024-25	FY 2023-24	Variance
Current Ratio	1.19	1.24	-4%
Debt Equity Ratio (i)	0.60	0.21	186%
Debt Service Coverage Ratio (ii)	2.39	8.80	-73%
Interest Coverage Ratio (iii)	8.45	21.23	-60%
Return On Equity	25%	25%	1%
Inventory Turnover Ratio (iv)	119.84	84.92	41%
Trade Receivables Turnover Ratio	3.57	4.27	-16%
Trade Payables Turnover Ratio	3.09	3.07	1%
Working Capital Turnover Ratio (v)	14.47	11.42	27%
Operating Profit Margin	7%	6%	21%
Net Profit Ratio	4.33%	3.95%	10%
Return On Capital Employed	27%	29%	-6%
Return On Investment (vi)	27%	3%	939%

Notes:

(i) On account of additional credit facility

(ii) On account of increase in earnings during the year

(iii) On account of increase in earnings during the year

(iv) On account of increase in sales

(v) On account of increase in sales during the year

(vi) On account of new investment made during the year

Risks and Concerns

1. Dependence on Third-Party Partners

The Companys operations rely extensively on third- party partners across the value chain-ranging from sourcing raw materials and components to outsourcing manufacturing to supplier facilities, and managing logistics and warehousing for supply chain services.

Mitigation:Significant resources are dedicated to supplier development, capability enhancement, and ongoing support. Strong, long-standing relationships with trusted partners in India are central to sustaining operational efficiency, maintaining inventory control, and ensuring reliable service delivery.

2. Competitive Industry Landscape

The Company operates in an intensely competitive environment, facing both domestic and international manufacturers and traders.

Mitigation:BMSCL has established a unique competitive edge by offering an unparalleled breadth of services in global manufacturing and supply chain management. This differentiated service portfolio, combined with exceptional execution, has created a robust competitive moat-often converting competitors into clients.

3. Customer and Geographic Concentration

A substantial portion of the Companys revenue is currently derived from a single customer, presenting concentration risk.

Mitigation:The Company is actively expanding its customer base across multiple geographies, while building a globally recognizable brand to diversify revenue streams and reduce dependency on any single client.

4. Absence of Long-Term Customer Contracts

The Company does not have binding long-term contracts with its customers, relying instead on strong relationships and consistent service quality.

Mitigation:Continuous efforts are made to deepen customer relationships through exceptional service, reliability, and value creation-laying the foundation for long-term, recurring engagements.

5. Currency and Raw Material Price Volatility

Fluctuations in currency exchange rates and raw material prices can impact margins and pricing stability.

Mitigation:Agreements with customers include provisions to adjust pricing for any change exceeding ±3% in raw material costs or currency rates, with adjustments implemented at quarter-end to safeguard profitability.

Opportunity

1. Electric Vehicles (EVs)

The accelerating global adoption of electric vehicles presents a significant growth avenue for the Companys automotive components business. With established expertise, strong supply chain capabilities, and a proven track record in precision manufacturing, the Company is well-positioned to capture the rising demand for EV- related components in international markets.

2. Renewable Energy

The rapid shift toward renewable energy-particularly in sectors such as wind, solar, and energy storage-offers considerable potential for the Companys engineering and supply chain services. Leveraging its manufacturing network, technical expertise, and global reach, the Company aims to play a key role in supporting OEMs and Tier 1 suppliers driving the clean energy transition.

Threat

1. Regulatory Changes

The Company operates in a sector that is subject to extensive government regulations. While all required licenses and approvals are currently in place, any changes in regulatory frameworks—or their interpretation—can occur with minimal notice. Such changes may necessitate operational adjustments, lead to increased compliance costs, or, in adverse cases, result in penalties. This uncertainty poses a potential risk to uninterrupted operations and could impact business performance.

Strategy Going Forward

Increase our geographical reach by exploring other international markets

In line with our commitment to continuous expansion, we aim to bolster our global presence by strategically venturing into untapped international markets. By exploring new geographical frontiers, we envision a future of increased market penetration, diversified revenue streams, and amplified brand recognition on a global scale.

Expand our supplier base we are committed to expanding our supplier base, fostering strategic partnerships, and diversifying our sourcing channels. By broadening our network of trusted suppliers, we aim to enhance our competitive advantage, drive operational efficiencies, build resilience and solidify our position as an industry leader, ultimately delivering greater value to our stakeholders.

Focus on establishing our presence in the domestic market we are dedicating our resources and efforts towards solidifying our position in the domestic market, leveraging our strengths to forge strategic partnerships increased customer engagement, and ultimately, heightened market share. With a strong focus on local expansion, we are poised to capitalize on emerging opportunities and cement our status as a market leader and drive long-term profitability.

Continue to improve operating efficiencies through technology enhancements and supplier development

We aim to continue to further strengthen our operational and fiscal controls by enhancing suppliers technology capabilities to develop customized systems and processes to ensure effective and efficient control over processes and products quality. By leveraging innovative solutions and nurturing strategic alliances, we aim to enhance productivity, streamline processes, and drive greater value for our stakeholders in the years ahead.

Internal Control and Risk Management

Your Company operates its business in an environment with some inherent risks. This requires identifying, monitoring, and mitigating risks predominantly in the areas of business, operations, finance, and compliance. The Company addresses such risks through a systembased approach to risk management. This involves the mitigation of risks on a continuous basis. The Internal Control Systems of the Company appropriately correspond with the nature of its business and the size and complexity of its operations.

These risks are regularly tested and certified by Statutory and Internal Auditors. The Audit Committee reviews the adequacy and effectiveness of the internal control process and systems. It also monitors the implementation of audit recommendations, with the perspective of strengthening the Companys risk management systems. A management team additionally conducts reviews at regular intervals.

It assesses the internal control environment, checks the adequacy concerning the business and makes relevant recommendations.

Material developments in Human Resources / Industrial Relations

At Bombay Metrics, we regard human capital as a core component of our operations. The Company employed 35+ permanent employees as of March 31, 2025. The company has held many training programmes throughout the year to nurture and strengthen its peoples talents.

Cautionary Statement

Statements made in this Management Discussion and Analysis Report may contain certain forward-looking statements based on various assumptions about the Companys present and future business strategies and the environment in which it operates. Actual results may differ substantially or materially from those expressed or implied due to risk and uncertainties. These risks and uncertainties include the effect of economic and political conditions in India and abroad, volatility in interest rates and in the securities market, new regulations and Government policies that may impact the Companys businesses as well as the ability to implement its strategies. The information contained herein is as of the date referenced and the Company does not undertake any obligation to update these statements.

The Company has obtained all market data and other information from sources believed to be reliable or its internal estimates, although its accuracy or completeness cannot be guaranteed.